Browsed byMonth: March 2010

We’ve heard it all before and will hear it again now. When the going get tough, the tough get going. Idaho is now showing itself to be tough, with legislators that are using their heads for more than just spinning idle rhetoric to keep their constituents entertained while they collect their handsome salaries. As the rest of the world struggles with the economy, Idaho is taking a lead in job creation and economic stabilization.

Since the mid 1800’s Idaho has been recognized as a leader in silver production. Known as the “Silver Capitol of the World”, over a billion ounces have come out of Silver Valley located in Shoshone County in the Northeast panhandle of the state since 1885, and in the South portion of the state, Silver city, located in the Owyhee mountains has also been a producer of the metal, as well as have a few other areas of the state.

Presently processing of the silver mined in the state is being outsourced to several other countries making processing expensive and taking jobs from the local economy. Technology also exists to process indium from 100,000 cubic yards of processed ore and smelter ash that has been left behind from previous mining eras, the value of which was over $100 million in 1991, and that was a lot of dollars value ago. Idaho is taking this situation seriously and is now offering an company or person who will build a processing facility in the state 10 years of exemptions from personal property tax and corporate income taxes.

Idaho will manufacture a silver medallion and silver bars designed by the medallion committee of legislators. Sale of the silver medallions and bars to the public by the treasury will be based on the daily market price of the one U.S. Mint troy silver (bullion) American Eagle. The state Treasurer, in turn, will accept the American Eagle as payment for fees and taxes.

This legislation is not only a great step backward to metal backed currency in the State of Idaho, but also will open much needed jobs in the state. The legislation and subsequent processing plant is expected to open up 400 to 800 positions in the local mining industries in Kootenai and Shoshone Counties, but another 132 other opportunities per every 100 mining industry jobs.

Where else but Idaho will you find legislators that can handle an economic crisis, job crisis, and profit from waste clean up in one fell swoop?